ROUYN-NORANDA, QC, March 22, 2016 /CNW Telbec/ - Fieldex Exploration Inc. (FLX: TSXV) (F7E: Frankfurt) is pleased to announce that it has entered into two agreements to purchase a 100% interest in 16 mining claims covering an area of approximately 960 hectares (9.6 km2), located 15 kilometres northwest of the city of Buckingham and 170 kilometres west of Montreal city in the Province of Québec (the "Teslo Project"). Buckingham is located in the old producing mining region of Outaouais in the Province of Québec, from which industrial minerals were extracted at the end of the 19th century, and, in particular, during the first six decades of the 20th century.
There are a dozen inactive past producing old quarries on the Teslo Project that contain high grade industrial minerals such as mica-phlogopite (which is used, among other things, in the production of electric and electronic devices, paints and roof shingles), quartz (which is used, among other things, in the production of glass, metallurgic silicium for chemical industries, and solar panels) and feldspar (which is used, among other things, in the production of dental products, ceramics and abrasives). An exhaustive compilation executed by the Fieldex technical team over the past months has demonstrated that many quarries contain minerals qualified historically from very good to exceptional quality, searched by some current factory owners. Fieldex believes that there is real potential to expand the existing past producing quarries and to find new ones within the 9.6 km2 of the Teslo Project.
Immediately upon completion of the acquisition, the Fieldex technical team will initiate a prospecting and near term production program to validate all the technical information found over the past months in various natural resource reports issued by the governments of Canada and Québec.
Proposed works and verifications
Preliminary works are expected to include line cutting, mapping, prospecting, rock sampling and geophysics. Of particular interest will be whether or not the country rock between the known quarries within pegmatites and some pyroxenites host the mineral quality sought by current factory owners. Other observed pegmatites for which Fieldex has no assay data will also be sampled.
Many of the old quarries found on the Teslo Project were in commercial production for many years, the largest being the Derry quarry which was reported to have produced up to 175,000 imperial tons of quality potassic feldspar during the period from 1920 to 1956 (reference: Davis, N. B. (1958) - Feldspar in Canada, Historical. MRN - Québec, GM 35603, 18 pages). Over the years, the feldspar produced at the Derry quarry became the standard potash feldspar used in American ceramic plants, and served as a reference used by the ceramics schools. The feldspar from the Derry quarry was also used for the production of dental ceramics.
The reader must be aware that the above information has been primarily obtained from mining inspectors and other civil servants of the Natural Resources Ministry of Québec. Much of this historical information is believed to be reliable, but is not compliant with the requirements of National Instrument 43‑101 Standards of Disclosure for Mineral Projects and has not been verified by Fieldex staff. Therefore it should be viewed as uncertain until further exploration has been carried out.
Pursuant to the acquisition agreements, Fieldex will acquire a 100% ownership interest in 14 (14) mining claims held jointly by 9019-5504 Québec Inc. and Fiducie Ananke and in two (2) mining claims from 7753004 Canada Inc. (collectively, the "Vendors"). In consideration for the acquisition of the mining claims, Fieldex will issue to each of the Vendors 4,000,000 common shares of Fieldex at a deemed price per share of $0.05. All the mining claims to be acquired by Fieldex will be subject to a 5% Gross Sales Royalty in favor of the Vendors. The transactions with the Vendors are subject to all regulatory approvals, including that of the TSX Venture Exchange and to the completion by Fieldex, prior to or concurrently with the transactions, of a private placement in equity for an aggregate minimum amount of $500,000, the whole on terms and conditions acceptable to Fieldex in its sole discretion.
Mr. Robert Sansfaçon, PGeo (OGQ), MSc, a consultant to Fieldex, is the qualified person on the Teslo Project under National Instrument 43‑101 Standards of Disclosure for Mineral Projects responsible for the technical contents of this press release, and has approved the disclosure of the technical information contained herein.
Stock Option Plan
Fieldex announces that at the annual and special meeting of the shareholders of Fieldex held on July 15, 2015, shareholders approved a resolution ratifying and confirming Fieldex's stock option plan, as required under the policies of the TSX Venture Exchange.
Fieldex is a mineral resource company actively exploring in Québec for strategic groups of metals and industrial minerals deposits located in the province of Québec. As of the date hereof, Fieldex has 84,686,798 common shares issued and outstanding.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
SOURCE FIELDEX EXPLORATION INC.
For further information: Martin Dallaire, eng., President and Chief Executive Officer, Tel.: (819) 762-0609, Fax: (819) 762-0097